A Google Street View of the property at 3377 NW 24th St. Road in Miami-Dade County.San Francisco Industrial REIT Buys Miami Land for $24.5 Million
Logistic real estate heavy-hitter Prologis Inc. bought a 9-acre property near Miami International Airport for more than $24.5 million. Prologis,…
July 01, 2020 at 02:32 PM
2 minute read
Logistic real estate heavy-hitter Prologis Inc. bought a 9-acre property near Miami International Airport for more than $24.5 million.
Prologis, based in San Francisco, is a publicly-traded real estate investment trust that develops and invests in existing industrial real estate with a focus on logistics.
It used affiliate Prologis-Exchange FL 2000 LLC to buy three nearly vacant properties from real estate development, investment and management firm Bergeron Properties & Investment Corp, according to a Miami-Dade County deed. Bergeron, based in Pembroke Pines, owned the properties through affiliate Bergeron Dade Airport LLC.
The deal closed June 26 and was posted as a public record on Monday.
Prologis paid $24.525 million, which breaks down to $2.725 million an acre.
The three lots are in unincorporated Central Miami-Dade County near the south bank of the Miami River.
Prologis didn't immediately return an inquiry about whether it plans to develop the site and how.
One of the properties is a 6.4-acre lot with a 25,571-square-foot building with a designated use for marine and auto industries at 3310 NW 24th St. Road, according to the Miami-Dade County Property Appraiser's office. The other two are an adjacent 83,695-square-foot undeveloped lot at 3325 NW 24th St. Road and a 36,000-square-foot undeveloped lot at 3377 NW 24th St. Road.
Prologis' website shows the REIT owns roughly 187 properties in South Florida, although some of them could be undeveloped or investment buys instead of real estate the company developed. Its properties include at least 33 warehouses Prologis leases to tenants, including a few near its most recent purchase along 24th Street Road.
They include 209,601-square-foot Prologis MIA Business Center 5 at 3401 NW 72nd Ave.
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